Wall Street titans in credit downgrade
Using a new standard announced recently, Standard and Poor's reduced the credit rating for seven of the top eight American banks, as well as banks in Europe. The agency lowered by one notch its long-term credit ratings on some of the biggest and best-known banks in the United States, including Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and JPMorgan Chase. In Europe, Barclays, HSBC, UBS were downgraded. The move could increase funding costs for some banks. S.&P. left 20 other banks unchanged and actually increased the ratings on two Chinese firms, the China Construction Bank and the Bank of China.
American Airlines files for bankruptcy
American Airlines' parent company files for Chapter 11 bankruptcy protection, but expects business to continue as normal. Shares in the airline plunged immediately they resumed trading on Tuesday and closed 81% down. They are now worth 31 cents each. Speculation about AMR's financial position surfaced in recent weeks after cost-cutting negotiations failed. It's a complex business, but when it comes to costs, there are just two that really keep CEOs and CFOs awake at night: fuel and labor. Bankruptcy, for the airline industry in particular, is just a way to refinance the business. It is a financial move to keep you in business and give you some time to renegotiate with your lenders.
EU plans new consumer watchdog for disputes
Shoppers who get into disputes with European traders should find it easier to get an out-of-court settlement in future, under new EU proposals. The European Commission proposes an EU-wide online platform for consumers to "solve contractual disputes entirely online within 30 days". Often mechanisms for resolving customer complaints only exist in some regions or sectors, the commission says. Standardized rules could save consumers 22.5bn euros (£19bn) annually, it says.
Facebook settles with FTC on users' privacy
Facebook has agreed to tighten privacy controls as part of a settlement with US regulators over abuse of user data. The Federal Trade Commission said Facebook would tighten consent rules on privacy, and close access to deleted accounts in 30 days or less. Facebook did not admit guilt and was not fined, but it was barred from "making any further deceptive privacy claims" and will undergo regular checks on privacy practices.
Facebook may be forced to go public amid market gloom
Facebook will almost certainly have to go public during this time whether it wants to or not — and whether or not it can get a valuation of $100 billion or more in doing so. And it's partly Facebook's fault — it just has too many shareholders. Securities regulation requires a United States company with 500 or more shareholders of record to begin filing reports, including audited financial information, with the Securities and Exchange Commission four months after the year it exceeds this threshold. Facebook most likely exceeded 500 shareholders this year. By the end of April 2012, it will become subject to this heightened regulation and have to disclose a spate of confidential business information.
Arab League serious on Syria
The secretary general of the Arab League has said its approval of unprecedented sanctions has sent a very serious political message to Syria. It is not business as usual; sanctions recently agreed by Arab states would come into force on Saturday unless Syria kept its promises. Syria's foreign minister has described the sanctions as "economic war". Past experience of international sanctions against countries like Iraq and Libya have shown they were not foolproof.
Company bond sales plunge as trust in banks fades
European companies are selling the fewest bonds in six years as the sovereign crisis sidelines cash-rich treasurers increasingly wary of the region's banks. Volkswagen AG, Europe's largest automaker, Italian power company Enel SpA and Renault SA led 80 billion euros ($107 billion) of bond sales this year, the smallest amount since 2005. Borrowers may cut sales further next year to a euro-era record low of 70 billion euros.
Lawyers' bonuses under pressure
Traditionally a barometer for the profitability of the legal industry, law firm bonuses are expected to remain at 2010 levels, still significantly lower than the lucrative days of 2007. Cravath, Swaine & Moore LLP sent a sobering message on the financial state of the legal economy, saying it would keep its year-end bonuses to associate attorneys mostly at 2010 levels. The bonuses are only slightly higher than they were in 2009—when they were at their post-financial-meltdown lows—but are still down significantly from 2007.
FBI fights to keep jurisdiction on terror suspects
FBI Director Robert Mueller is joining the fray as lawmakers and the Obama administration fight over whether the U.S. will rely on civilian or military authorities to detain and try terrorists in the U.S. The Senate is pushing a plan to put the military in the lead. and would allow the FBI to take charge only if the defense secretary granted a waiver. The legislation "introduces a substantial element of uncertainty as to what procedures are to be followed in the course of a terrorism investigation," Mueller wrote. He added that the proposed changes "will inhibit our ability to convince covered arrestees to cooperate immediately, and provide critical intelligence."
Nobel peace laureate urges ICC investigation into former Yemen regime
Nobel peace laureate Tawakkul Karman on Monday uged the ICC - International Criminal Court to conduct an investigation into the violent crackdown on dissent and alleged human rights violations by the country's former president, Ali Abdullah Sakeh. Although Karman presented ICC prosecutor Luis Moreno-Ocampo with a file on crimes she believes were committed by Saleh's regime, the Nobel laureate was also quick to acknowledge that her plea will likely fail due to the fact that Yemen has not signed the court's founding treaty, the Rome Statute, and is therefore not a member of the ICC.
Citigroup faces toxic asset trial
A judge for the US District Court for the Southern District of New York on Monday blocked a proposed $285 million settlement with Citigroup Inc over the sale of toxic mortgage debt. The US SEC - Securities and Exchange Commission put no effort into learning what Citigroup did wrong, Judge Jed Rakoff wrote, adding that the SEC was wrong to ask the court to ignore interests of the public.
Nestle to investigate child labor on its cocoa farms
Nestle, the world' largest food company, has hired an organization that specializes in accountability to investigate and document child labor on the cocoa farms that supply its chocolate in Côte d'Ivoire.
Nigeria Senate approves bill criminalizing same-sex marriage
The Nigerian Senate passed a bill Tuesday that makes it illegal for same-sex couples to marry or for an individual to aid in the marriage of same-sex couples. The bill explicitly states that marriages entered into by persons of the same gender are prohibited and will not be recognized as valid, even if the marriage certificate is obtained in a foreign country.
Turkey puts sanctions on Syria
Al Jazeera, Doha, Qatar
Saudi Arabia urges citizens to leave Syria
Asharq Al-Awsat, Pan-Arab daily, London, England
Thousands in Syria rally against Arab sanctions
Egyptian Gazette, English-language, Cairo, Egypt
Turkey cuts trade ties with Syria amid continued protest crackdowns
Haaretz, Liberal daily, Tel Aviv, Israel
Britain says withdrawing 'some' staff from Tehran
JPost, Conservative, Jerusalem, Israel
Up to two million set to strike
BBC News, Centrist newscaster, London, England
Clinton looks for signs of real change in Myanmar
CNN International, London, England
Killer whale to remain in captivity
Daily Express, Conservative tabloid, London, England
George Osborne upgrades benefits and hard working families are footing the bill
Daily Mail, Conservative daily, London, England
Meryl Streep takes home prestigious film award for portrayal of Margaret Thatcher in The Iron Lady
Daily Mail, Conservative daily, London, England
Britain to pull all diplomatic staff out of Iran
EuroNews, International news, Ecully Cedex, France
IVORY COAST: Gbagbo faces crimes against humanity charges at Hague
France 24, Issy-les-Moulineaux, France
Paid exemption from military service starts Dec. 31
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey
Norway closes embassy in Tehran
Independent The, London, England
Let me entertain you
Moscow News The, Independent, Moscow, Russia
Leveson Inquiry: 'One or more NOTW journalists deleted voicemail from Milly Dowler's mobile'
Telegraph The, Conservative daily, London, England
British Fashion Award 2011: Fashion's most talented line-up in a generation
Telegraph The, Celebrity news, London, England
Jatuporn: I've been persecuted
Bangkok Post, Independent, Bangkok, Thailand
Border staff, teachers join major UK strike
China Post, English-language daily, Taipei, Taiwan
Jeju Sees Over 8 Million Tourists
Chosun Ilbo, Conservative daily, Seoul, South Korea
New quake hits eastern Turkey
Hindustan Times, New Delhi, India
FIR against Salman Khan for assault
India Times, Conservative daily, New Delhi, India
Bhutan royals trip masks rights issues
Japan Times, Independent centrist, Tokyo, Japan
Police prepare to evict Occupy Los Angeles camp
New Zealand Herald, Conservative daily, Auckland, New Zealand
Jordan's king says failure to reach Mideast peace threatens int'l stability
People's Daily Online, English-language, Beijing, China
UK public sector workers begin 1-day strike
Straits Times, Pro-government, Singapore
TV star and swinger code
Sydney Morning Herald, Centrist daily, Sydney, Australia
Kaohsiung E-DA Crown Plazacelebrates its first anniversary in Taiwan
Taiwan News, English-language daily, Taipei, Taiwan
US economy expands 2% in September quarter
The Economic Times, Business, Mumbai, India
U.K. sees delays as 2 million workers strike
Canadian Broadcasting Centre, Toronto, Ontario
Ex-Ivory Coast president Gbagbo charged with crimes against humanity
Globe and Mail The, Centrist daily, Toronto, Canada
RBI's Reference Rate for Dollar Today
International Business Times, Business news organization, New York, U.S
Nicaragua Sows Quality Seeds to Reap Quantity
IPS Latin America, International cooperative of journalists, Rome, Italy
Global stocks hit by fresh bank tremors
Reuters, Business News, New York, U.S
Gbagbo faces charges of crimes against humanity - ICC
Reuters, World News, New York, U.S
Biggest public transit system in recent history could be run without the TTC
Toronto Star, Toronto, Ontario
Ivory Coast ex-head taken to ICC
BBC News, Centrist newscaster, London, England
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